On the same day President Trump announced “reciprocal tariffs” on 90 other countries, a survey showed that more than half of Americans disapproved of the new policy.
YouGov asked more than 3,000 Americans, “Do you approve or disapprove of recent tariffs announced by the U.S. government, including a minimum tariff of 10% on all imports to the U.S. from other countries?”
More than half either “somewhat” or “strongly” disapprove.
But pollsters had already asked similar questions leading up to the president’s self-proclaimed “Liberation Day.”
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Consumers are already struggling
Debt.com polls 1,000 Americans on their credit card spending and debt annually. Over the past few years, more than one in three have said they need their credit cards to make ends meet.
At the end of March, 32 percent said they had “maxed out their credit cards.” Eight in ten “would need to rely on credit card(s) if faced with a financial emergency.” Just over 23% of them already owe more than $20,000.
Howard Dvorkin, CPA and chairman of Debt.com, says the survey’s key findings “are simple.”
“There’s a lot of uncertainty in the world, and it’s making people feel very nervous,” Dvorkin says. “Change, in general, makes people nervous. Additionally, people are up to their necks in credit card debt.”
Credit card balances hit over $1 trillion before the pandemic. Now they’re up to $1.2 trillion, and Dvorkin says, “There’s no end in sight.”
It’s time to reorganize your finances
Dvorkin says consumer spending drives the economy. For the third consecutive month, one of the most widely recognized indicators of the U.S. economy fell.
The University of Michigan conducts a monthly survey to gauge how Americans feel about the economy. Rather than measuring what consumers are spending now, the survey assesses how likely they are to spend in the future based on their expectations and confidence.
It’s down nearly 18 points since last month and 32 points since last year.
“The American economy is a consumer-based economy,” Dvorkin says. “When the consumers are having a tough time and stop spending, we’re going to get into trouble as a nation.”
Dvorkin says he “doesn’t have a crystal ball” but has counseled Americans with credit card debt for over three decades.
You can start by doing what Dvorkin calls a “full financial dive.” Build a budget. Track all of your income and debts. There are likely line items that can be cut.
If all else fails, it’s time to call the pros. Debt.com offers a free debt analysis when you dial . There is more than one option to get out of credit card debt. Our debt experts can discuss the best solution for you.
